Finlay Minerals Ltd. (TSXV: FYL) (the “Company”) reports the completion of a winter drill program at the Silver Hope project, near Houston, B.C. The program consisted of 2,485 meters of core drilling in six (6) holes split between the recently discovered West Horizon porphyry copper-molybdenite zone and the East Horizon. In addition, 15 kilometers of deep induced polarization geophysical survey were completed along 3 lines to guide deeper future drilling.
Three holes were drilled as in-fill into the recently discovered West Horizon porphyry copper-molybdenum mineralization (see news release December 6, 2010 and revised map on web-site). SH11-04 was drilled toward the east, ~100m south of last year’s holes SH10-02 / 03. This hole intersected porphyry copper-molybdenum mineralization in the quartz monzonite intrusive rock. The interval 135.3 – 308.8 meters (173.5 meter core length) averaged 0.21% copper, 0.011% molybdenum, and 0.03g/t gold (0.27% copper equivalent (CuEq)) (see below table). It is believed that SH11-04 clipped the top of the porphyry system.
Holes SH11-05 / 06 were drilled ~150m north of last year’s holes SH10-02 / 03. SH11-05 was drilled vertically to a depth of 602.6 meters predominately in mineralized quartz monzonite with minor host rock sediments and later andesite dykes. This is the deepest holes drilled to date and ended in mineralization. Two significant mineralized sections were intersected, an upper copper rich section and a lower molybdenum section that contains a high grade molybdenum-gold-silver interval. The interval from 11.66 to 193.8 meters (182.14 meters core length) averaged 0.31% copper, 0.013% molybdenum, and 0.06g/t gold (0.40% CuEq). The lower intersection of 238.6 to 602.6 meters (364.0 meters core interval) averaged 0.11% copper, 0.057% molybdenum, and 0.04g/t gold (0.37% CuEq). Included in the lower intersection was 5.0 meters averaging 0.12% copper, 1.162% molybdenum, 1.88g/t gold, and 65.4g/t silver (6.92% CuEq).
Hole SH11-06 was angled east and intersected from surface a core length of 210.5 meters of mineralized quartz monzonite averaging 0.26% copper, 0.012% molybdenum, and 0.05g/t gold (0.34% CuEq).
A 15 kilometer deep induced polarization (IP) survey was completed by Peter Walcott & Associates, along 3 lines to test the merging of the West and Main Horizons at depth. The deep IP work showed strong deep chargeability further south of the presently interpreted south end of the West Horizon, as well as the chargeability continuing to depth through the main portion of the West Horizon. Company management is pleased with the continuity of mineralization along the West Horizon, the high grade molybdenum plus gold-silver portions, and the fact the porphyry system is open to depth, and along trend to the north and south. The Company interprets the Main and West Horizons and associated mineralization as being manifestations of a multi-phase mineralizing system along a 2.5 km long north-south trend linking the mineralization at Finlay’s Hope, Superstition, & Gaul zones, and the porphyry copper-molybdenum mineralization.
Three holes were completed in the East Horizon anomaly following up on a strong induced polarization geophysical, and coincident soil and rock anomalies. All three holes intersected a cap of felsic volcanic rock underlain by weakly graphitic and pyritic mudstones. Weakly anomalous gold, arsenic and zinc metal values were encountered in structural zones, and in pyritic mudstones (see table below). The East Horizon may be a distant manifestation of the West Horizon porphyry mineralizing system and will be further investigated and considered in light of the deep IP survey interpretation.
A summer 2011 program of ~5,000 meters of core drilling is being planned at Silver Hope. All permits are in place for this exploration work. Focus of the summer program will be de-limiting the extent of the West Horizon porphyry copper-molybdenum mineralization, as well as testing at depth the possible convergence of the Main and West Horizons.
Significant Intersections - Silver Hope 2011
|SH11-01||no significant intersections|
|SH11-02||no significant intersections|
* Where there is a sampling gap, all elements have been assigned a value of 0
Note: Length is reported as core length
Copper Equivalent calculated using metal prices as of May 27, 2011 (www.metalprices.com) and assuming 100% metallurgical recovery and net smelter returns.
Gold : $1536.30 / oz USD; Copper: $4.15 / lb USD; Molybdenum: $16.87 / lb USD; Silver: $37.70 / oz USD
Finlay employs a rigorous quality assurance/quality control (QA/QC) program for the Silver Hope project that includes the regular insertion of certified reference standards and blanks along with the collection of duplicate samples. Warner Gruenwald, P.Geo. and Vice President, Exploration for Finlay Minerals Ltd. is the Qualified person as defined by National Instrument 43-101. Sample analysis was conducted by SGS Canada Inc. in Vancouver.
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in central British Columbia. In addition to the company’s flagship property, Silver Hope, the Pil and Atty projects are situated in the Toodoggone region, a mineral-rich area that is host to several copper-gold porphyry and epithermal gold-silver deposits. New discoveries on the Pil property include the Northwest Zone copper-molybdenum porphyry mineralization and the Atlas East/Pillar East epithermal gold-silver zones.
The Company has disclosed all material news to date.
On behalf of the Board of Directors,
Robert Brown, P. Eng.
President & C.E.O.
For further information, contact:
Finlay Minerals Ltd.
John Barakso, Director
Tel: (604) 684-3099
G2 Consultants Corporation
NA Toll-Free: (866) 742-9990
Tel: (604) 742-9990
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Finlay Minerals Ltd. (“Finlay”) expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.